My older mechnical meter was reading kW/hr as well (an older General Electric one). Since I was an early adopter to using low PF CFL lights, I notice no difference in my utility billings (was billed in kW/hr).
We now are on smart meters (the fully digital one), the controversial type that transmits the meter readings back to the utility company on a periodic basis. In order for me to monitor my house electrical consumption in real time, I forked the additional mullah to purchase a certified Rainforest EMU reader (wireless receiver type), and I can tell that I am indeed paying for kW/hr and not kVAR.
I have been using my EMU reader for 3+months now, the readings are rather uneventful as far as kWatts/hr concerned.
*and yes, I have 26 pot lights in my house, all converted to CFL. Only my lower storey bathroom lights are on CREE LED bulbs.
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